Assume that you are preparing a budget for your department or organization. Outline the steps you...

 

 

Transcribed Image Text:

Assume that you are preparing a budget for your department or organization. Outline the steps you would take to prepare the budget, providing specific examples for each step. The following is an example of a department budget. Use this budget as a guideline and to provoke the thought process for your own budget. Revenue (6,000 units @ $150) Expenses XYZ COMPANY Budgeted Income Statement For the Year Ended December 31, 2012 Salaries Fringe Benefits Supplies Utilities Insurance Depreciation Other Operating Expenses Total Operating Expenses Operating Income $ $ 900,000 200,000 40,000 100,000 75,000 25,000 35,000 150,000 625,000 275,000 Assume that you are preparing a budget for your department or organization. Outline the steps you would take to prepare the budget, providing specific examples for each step. The following is an example of a department budget. Use this budget as a guideline and to provoke the thought process for your own budget. Revenue (6,000 units @ $150) Expenses XYZ COMPANY Budgeted Income Statement For the Year Ended December 31, 2012 Salaries Fringe Benefits Supplies Utilities Insurance Depreciation Other Operating Expenses Total Operating Expenses Operating Income $ $ 900,000 200,000 40,000 100,000 75,000 25,000 35,000 150,000 625,000 275,000

Answer rating: 100% (QA)

With reference to the provided budget below are the 10 possible steps that would apply during the preparation of the organizations budget Step 1 Definition of Goals and Objectives This step ensures th... View the full answer